Victory Giant Technology’s shares surged 60% in its Hong Kong IPO, raising over USD 2.2 billion to expand AI circuit board production in China.
HONG KONG: Shares in Chinese printed circuit board manufacturer Victory Giant Technology Huizhou soared almost 60% on their Hong Kong debut.
The Guangdong-based firm, a key supplier to US chip giant Nvidia, saw its stock price rocket to HK$335 after pricing its initial public offering at HK$209.88.
This successful listing raised HK$17.3 billion, marking the largest IPO in Hong Kong this year and the biggest since Zijin Gold International’s USD 3.7 billion offering last September.
Victory Giant, which already trades on the Shenzhen stock exchange, manufactures high-end printed circuit boards that are crucial components for AI servers.
The company stated it will use most of the IPO proceeds to expand its production capacity within mainland China.
This move aligns with Beijing’s accelerated push to boost domestic production of advanced semiconductors and reduce reliance on US hardware, particularly for AI applications.
Nvidia’s most advanced AI chips are currently banned from sale in China under US export controls designed to protect national security.
Research strategist Dilin Wu from Pepperstone noted that “China continues to prioritise AI infrastructure, advanced manufacturing, and semiconductor-adjacent supply chains as strategic sectors.”
She added that “companies like Victory Giant benefit from both policy support and financing accessibility” within this national strategy.
Wu also highlighted the “sustained demand” for high-end PCBs driven by global investment in AI servers and data centres, while cautioning that the current cycle of tight supply may not last indefinitely.
Victory Giant’s blockbuster debut follows a series of strong Hong Kong listings from other Chinese AI-focused companies this year, including startups Zhipu AI and MiniMax.
Other notable recent entrants include graphics processing unit maker Shanghai Biren Technology and chip firm OmniVision Integrated Circuit Group.
These successful listings indicate sustained investor optimism regarding China’s ambitions within the competitive global AI sector.
